Metal Tiger plc
("Metal Tiger" or the "Company")
Directors' Share Purchases
Holding in Company
The Company is pleased to announce that, following the close of market yesterday, Paul Johnson and Alex Borrelli purchased in aggregate 6,000,000 ordinary shares of 0.01 pence each in the Company (the "MTR Shares") at a price of 0.5 pence per share, as detailed below.
Paul Johnson (Non-Executive Director) purchased 3,500,000 MTR shares for a total cash consideration of £17,500. Following this share purchase, Paul Johnson is interested in 3,500,000 MTR Shares representing 1.91% of the current issued share capital of the Company.
In addition Alex Borrelli (Non-Executive Chairman) purchased 2,500,000 MTR Shares for a total cash consideration of £12,500. Following this share purchase, Alex Borrelli is interested in 4,900,000 MTR Shares representing 2.67% of the current issued share capital of the Company.
The total of 6,000,000 MTR Shares has been acquired from Black Star Gold Pty Ltd ("BlackStar"), a company in which Cameron Parry (CEO of Metal Tiger) is an executive director.
As previously announced and detailed in the circular dated 22 May 2014, it is the intention of the BlackStar board that, in due course, BlackStar will be wound up and that the MTR Shares held by BlackStar, and the 40,000,000 warrants to subscribe for new MTR Shares (the "BlackStar Warrants"), will be distributed to BlackStar's existing shareholders and management. The sale of 6,000,000 MTR Shares was undertaken to enable BlackStar to repay an outstanding loan to be settled before BlackStar can be wound up and the shares held by BlackStar distributed to its existing shareholders and management.
In addition, BlackStar transferred yesterday, for nil consideration, a total of 1,120,000 MTR Shares to certain of the subscribers in the recent refinancing in lieu of an introductory fee.
Following the sale and transfer of MTR Shares, BlackStar is beneficially interested in 19,880,000 MTR Shares representing 10.82% of the current issued share capital of the Company. BlackStar is also interested in the BlackStar Warrants.
Cameron Parry, Metal Tiger CEO, stated:
"BlackStar was happy to facilitate this share purchase by my fellow Metal Tiger directors. Whilst the transaction assists BlackStar's winding up process, it also sees £30,000 of cash invested in Metal Tiger shares by Alex and Paul. I find this to be a clear sign of both their commitment and belief in the future of Metal Tiger. Following this transaction all of the directors of Metal Tiger now hold shares, directly or indirectly, in the Company alongside management options exercisable at 1p per share as detailed in the Company's 11th of July announcement.
The Company now moves from the administrative phase of the transition from Brady Exploration Plc to Metal Tiger Plc and into its strategic phase. Metal Tiger's focus will be on building up interests in exciting mineral resource opportunities for the benefit of all shareholders and we look forward to releasing regular updates as our work progresses."
For further information on the Company, visit: www.metaltigerplc.com or contact:
Tel: +44 (0)207 099 0738
Tel: +44 (0)7766 465 617
Allenby Capital Limited
(Nominated Adviser and Joint Broker)
Tel: +44 (0) 20 3328 5656
Peterhouse Corporate Finance
Tel: +44 (0) 20 7469 0935
This information is provided by RNS